haidi: pooja, great to chat with you as always. pooja malik, partner at nipun capital.erman or so -- terminal subscribers, go to db go. customize settings to get the news on industries and assets you care about. this is bloomberg. ♪ fabulous surroundings... but everyone's looking at their phones for financial insights from merrill. is he hailing a ride to the concert hall? no. he's making sure his portfolio and retirement plans work in harmony. they want to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researching her next role. she's learning how to handle market ups and downs without the drama. personalized advice so impressive your money never stops working for you with merrill. a bank of america company. haidi: the top diplomats from china and the u.s. have met again as they try to keep lines of communication open. but allegations of chinese hacking of u.s. government email accounts threaten yet again to derail dialogue. stephen engle is in hong kong. how many steps forward and how many steps back? i suppose it

pooja: that is a good point.on spending since the beginning of this year. lisa went out there are signs that perhaps mendham is slowing but still fairly high. to give you a sense of the numbers, we are tracking gdp in the second quarter. it is still close to 1.5%. that is a resilient economy. where we see signs of weakness is perhaps in business fixed investment that is supplemented by data with, pmi. that is where the weakness seems to be building up. we expect some drag but overall looking at gdp, we are looking really strong. tom: as we focus on the banks, it hasn't come up but what is barclays and all of your studies in london say about commercial real estate? i understand it will not move the needle on gdp but the commercial real estate analysis in your american economics. pooja: we forecast on office cre and that is where at this time there was a lot of discussion about stresses. some of the takeaways was office cre is one third of all of the cre in the markets. the second is it depends on how stresses play